Consumer prices rose to fresh 3-year high in February
March 6, 2018 | 11:12am
In a statement, Bangko Sentral Governor Nestor Espenilla Jr. said the CPI would likely return to its comfort zone next year, adding that the monetary authority would keep a close watch on consumer prices.
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MANILA, Philippines — Consumer prices picked up to a fresh three-year high in February under a rebased index, although at a slower pace than the figure calculated on the previous base year, the country’s statistics agency reported Tuesday.
Headline inflation accelerated to 3.9 percent last month, faster than January’s 3.4 percent and was the highest since August 2014.
Under the non-rebased index, inflation jumped to 4.5 percent in February from 4 percent a month ago, beating market expectations but still within the Bangko Sentral ng Pilipinas’ 4-4.8 percent forecast for the month.
The Philippine Statistics Authority recently announced that it will shift the base year for monthly consumer price index to 2012 starting this month from the 2006 previously.
The agency said rebasing is necessary to reflect “economic, social and technological changes” that likely influenced changes in consumption patterns.
The BSP had expected February inflation to settle above 4 percent on the back of “higher electricity rates and food prices — along with the full pass-through of higher excise taxes on petroleum products and sugar sweetened beverages.”
For this year, the central bank forecast inflation to average 4.34 percent under the old circulation.
In a statement, BSP Governor Nestor Espenilla Jr. said the CPI would likely return to its comfort zone next year, adding that the monetary authority would keep a close watch on consumer prices.
“Our forecast remains that inflation will decelerate back to well within target in 2019 whether based on 2006 or 2012 index,” Espenilla said.
“Nonetheless, we will continue to closely monitor the developments and factor in all relevant data in our coming reviews of monetary policy stance,” he added.
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